| A | B |
|---|
| Network | A system of connected rail lines |
| Consolidate | Railroad companies would join together to operate more efficiently |
| Cornelius Vanderbilt | Most powerful railroad baron - he consolidated many lines and forced his competition to sell to him |
| Rebates | Railroads secretly offered discounts to their best customers |
| Pool | Several railroad companies agreed to divide up business in a given area and raise prices eliminating competition |
| John D. Rockefeller | Millionaire who dominated the American oil industry - destroyed his competition |
| Bessemer Process | A new low cost way to make steel - led to better railroads and the creations of skyscrapers |
| Andrew Carnegie | Dominated the steel industry - used vertical integration where he controlled all steps of the production process |
| Corporation | A business that is owned by investors |
| Stock | Shares in a business |
| Dividends | Stockholders hope to receive a dividend (A share in the corporation's profit) |
| J. P. Morgan | Used his banking profits to gain control of troubled corporations by buying their stocks |
| Trust | A group of corporations run by a single board of directors |
| Monopoly | Controlling all or nearly all of the business of an industry |
| Sherman Antitrust Act | 1890 law to ban the formation of trusts and monopolies - originally was too weak to be effective |
| Henry Ford | Perfected the use of the assembly line and mass produced automobiles - He made the car affordable |
| Mass Production | Making large quantities of a product quickly and cheaply |
| Sweatshop | Workplace where workers work very long hours in poor conditions |
| Knights of Labor | First labor union open to skilled as well as unskilled workers. Did not believe in strikes |
| Strikebreakers | Replacement workers for those on strike |
| Anarchists | People who oppose organized government |
| Haymarket Riot | A strike at McCormick Havester turned violent - led the public to turn against labor unions |
| Collective Bargaining | The right of labor unions to negotiate with management for workers as a whole |
| Injunction | A court order to do or not do something |
